Trusts solicitors and estate administrators have concluded deals which will see Paisley Park, the private home and studio complex of the late music legend Prince, open to the public from October 6 this year.
It is believed that the Minneapolis estate's trusts solicitors have reached an agreement with Graceland Holdings, the company that operates Elvis Presley's Graceland estate, to run the 65,000 square foot complex.
Drafting a Will often presents many complexities for the testator to consider. It's a necessary and worthwhile endeavour for most people because without a Will the estate will be subjected to the rules of intestacy and the deceased will not have any say in how their wealth and assets are distributed
One of the key decisions for the testator to make is who to assign as executor. The role of the executor carries a lot of responsibility and is not something to just be dished out at random.
In the business world, the law of commerce underpins all commercial dealings. Commerce lies at the heart of a democratic society and having effective legal recourse when things don't go to plan is essential. However, the established model for facilitating this needs to change and law firms must bear the brunt.
There's currently a very real dichotomy between supply and demand. Availability, cost, and accessibility are the three key watchwords and the Legal Services Consumer Panel has taken the unprecedented step of recommending regulatory intervention after figures showed that just 17% of law firms are being transparent about their fees by displaying prices on their websites.
Recent years have seen an rise in divorces among the older generation. In a trend that has been coined as 'silver splitting', more and more people over 60 are deciding to separate, moving in contrast with the statistics of other age groups, which have all seen a fall in the number of separations. According to the Office for National Statistics, 2011 saw the number of male divorcees over 60 shoot up by 75% compared to two decades earlier.
As for the reasons why so many of this age group are deciding to divorce, sometimes after long marriages of two decades or more, much speculation has occurred.
Increased life expectancy means that some people look to reinvent themselves as they move into their later years, which, it has been argued, may involve changing the person with whom they spend time with. Some lawyers have blamed empty-nest syndrome, that the couples no longer see a reason to stay together when their children become adults and leave home, while others believe that most of those who are splitting up are doing so simply because, once they have their sizeable pension supporting them, they can now afford it.
But whatever the reason, spouses leaving each other at a later age – when it is more likely that their children will now be young adults – has led to repercussions in other areas of law, particularly inheritance disputes.
The problem is that since the couple have been together for many years, it may have long been assumed that their estate will be divided among their children. But if one or both of them then go on to remarry and their respective spouses have families of their own, all of a sudden there are multiple other potential beneficiaries thrown into the mix, completely upsetting any sense of balance and, from the original family's point of view, fairness.
Second marriages, and the blended families they create, are one of the most common sources of Will disputes. A Will may have been made by a parent while still in a first marriage and this may remain unchanged when embarking on a subsequent union. The excluded second husband or wife and their children will no doubt contest the orders of the Will if they feel them to be outdated and therefore no longer reflective of the testator's true feelings when they died. But this could be very hard to prove.
On the other hand, an older person in a happy second marriage may amend their Will to include their new family, diminishing how much is left to their first family. Of course, the circumstances of each case will vary based on each blended family's situation (no one family history is the same as another, with differing levels of estrangement between parents and their children making inheritance a sometimes thorny issue), and it is possible for stepchildren to be left more of the estate than the testator's biological children. This may understandably lead to many hurt feelings and bitterness – even a sense of abandonment – and leave some family members disputing what they see as a gross injustice.
Such scenarios can lead to a major clash of the deceased's two families, which is becoming an increasingly common situation seen by lawyers in Will disputes.
If you are currently in the process of making your Will and wish to avoid causing any future battles between your loved ones, there are things you can do to mitigate a potential inheritance brawl. It is advisable to leave a letter with your Will to explain why you have decided to divide up your estate in the way you have. If anyone has been excluded or left less than they may be expecting, it's best to give a good reason for this in the letter. The same is true if you have left a large sum to a charity. Clearly spelling out the reasoning behind your decision will mean that there is less of a chance for the disappointed beneficiary to feel the need to fight against your wishes and greater likelihood that a court will uphold your wishes.
Making a Will is hardly a simple task at the best of times, and having multiple spouses and acting as a parent to many children throughout your life will only make it that much more harder. This is why it's a good idea to enlist the help of a lawyer experienced in Wills and probate to help make the process as straightforward as possible.
Contact Oratto on 0845 3883765 to speak with an adviser or use our contact form to arrange a call-back.
In the wake of Brexit, everyone knows that the political world has been in uproar. So much is happening that the spotlight is, understandably, firmly fixed on those entering and exiting the key political roles. But this huge change doesn't just affect politics; what about the further layer upon layer of repercussions resulting from the UK's exit from the EU?
Sadly, some malignant, unseen forces are now at work, taking advantage of the chaos and, unfortunately for the UK, this means that cybercrime is on the rise. If Brexit could be encapsulated in one word, it would be uncertainty and there is a tidal wave of change looming; increases in cybercrime identity theft and financial fraud may slip under the radar - unless we are careful.